Apple stock price ahead of “California streaming”

Apple’s stock price (NASDAQ: AAPL) fell for the fourth day in a row as investors continued to focus on the recent verdict and upcoming event. The stock is trading at $149.50, which is about 5% below its all-time high, valuing the company at more than $2.5 trillion.

Next Apple event

Apple’s stock price fell after the split antitrust judgment by an American judge. The judge ruled that the company did not have a monopoly in the app store industry. However, she also asked the company to take steps to allow developers to offer their payment platforms in the app store.

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Analysts believe the ruling will not have a major impact on Apple’s booming services sector. Moreover, due to its ease of use, most people will prefer to use Apple’s payment platform. In a note said an analyst at Evercore:

“Overall, we think the ultimate impact from here will be determined by – a) how many developers will continue to use AAPL’s payment system for ease of use and b) will gamers really stop a game halfway through to go to a website and buy the needed widget?”

The next major catalyst for the AAPL stock price is the upcoming streaming event in California on Tuesday. The event in September is mainly focused on hardware.

Analysts expect the company to launch the next version of the iPhone, Apple Watch Series 7, iMac, MacBook Pros and other wearables. The company is also likely to launch a redesigned iPad Mini. Historically, the Apple stock price has tended to have some moderate volatility during and after the event.

Analysts have relatively mild estimates of Apple’s stock price. Those at Jefferies expect the stock to rise to $175, while those at Credit Suisse believe it is reasonably priced at $150. Those at UBS, Evercore, JP Morgan expect the stock to rise to $180.

Apple’s stock price forecast

The 1-day chart shows that the AAPL stock price has been under pressure recently. The current price is slightly above the key support at $145, which was its highest level in January this year. It was also along the top part of the ascending triangle pattern. The stock is also supported by the 50 and 25 day moving averages.

Therefore, the stock may be doing a break-and-retest pattern where it retests the key level at $145 and then resumes the bullish trend.